Financial Institutions Litigation

Success Stories

Complicated? We Love Complicated!

A national bank needed help addressing a Borrower default involving tens of millions of dollars involving multiple, cross-collateralized properties. In addition, it was anticipated that the U.S. government was likely going to assert numerous lien rights to the Borrower’s property.

Instead of filing a lawsuit and initiating a scorched earth and expensive discovery process, we managed to negotiate with the Borrowers and coordinate a Wisconsin Chapter 128 liquidation with a stipulated appointment of a Receiver. Over the course of the next couple of years, the Receiver was able to, in an orderly fashion, liquidate much of the collateral without requiring the bank to take title to any of the property. The Receiver made sure the bank’s collateral was adequately protected and not sold at distressed rates. While there have been a myriad of environmental, labor, insurance and other issues involved surrounding the properties during the Chapter 128 Receivership, we were largely able to forego a significant amount of cost by circumventing the pre-trial discovery phase in its entirety.

What Do You Mean Wisconsin Doesn’t Admit Business Records into Evidence?

We represented a bank who, after being advised of the Wisconsin Appellate Court decision in Palisades, was concerned as to whether or not there was a clear path in Wisconsin to admitting a bank's business records into evidence such that judgment could be entered. We worked with the bank to prepare an affidavit that complied with Wisconsin law and did not run contrary to the Palisades decision. The trial court agreed and entered judgment in favor of our client. The Borrower appealed the decision, relying on Palisades.

The Wisconsin Appellate Court found that our client's affidavit complied with Wisconsin law and did not run afoul of the limitations on evidence found in Palisades. The Court also chose to publish its decision so that it would create a legal precedent in Wisconsin so that other financial institutions would have a template from which to properly admit their business records into evidence and obtain judgment.